There is as much speculation in what you're predicting as there is going into the bubble. Without imperical data (either way) it's just jargon at this point.
Obviously the price can't keep rising like this forever. But it could be that a new precedent is being set and a new base-low will be the same as the $500 you mention in your arbitrary suggestion.
It's all relative. We could have the same phenomenon occur with an extra digit in the price and you could come here and say "it's a bubble and you should by back at $5000).
It depends on where the current rise ultimately settles
You are viewing a single comment's thread from:
The $500 I mentioned isn't an arbitrary number. With each Bitcoin bubble, we have seen higher highs and higher lows. Last time, it crashed to about $200. It's far from an exact science, but if past is prologue, I believe it will settle somewhere around $500.
Interesting. Do you see it rising back up to current levels after that return to $500? Or is that sort of a long term holding point. Huge ups and Downs today already, eh. It's nuts
Yes, I see it rising way back up after the retreat to $500. The fall to $500 might take 6 months, and after that, perhaps several more years to rise back up to the its (then) previous highs.
Of course, this is just an educated guess, and I could be completely wrong.
History often repeats itself. I think you are right on this. I feel we will have 5 to 10 more boom and bust cycles like this possibly more. I remember in 2013 / 2014 all the news coming out that all these companies are now accepting and all that and thinking that it was going to go up. Then it wasn't and it was like WTF? Then I went out to California for the premier of The Rise and Rise of Bitcoin. That day the price was $300 and it was like WTF???? Then when Jan 2015 hit the price got to $176. It was extremely painful. Others who were in BTC in 2010 and 2011 experienced some other Moonings and crashes. This time is no different. I h aven't forgot what happens when the charts look like this.